Kotak cuts Godrej Consumer to 'reduce'

Kotak Institutional Equities downgraded Godrej Consumer Products Ltd to "reduce" from "add", citing disappointing margins in the fiscal year ended March 31, as well as "stretched" valuations.

However, Kotak raised its target price on the stock to Rs 795 from Rs 760 as it rolls over its estimates to FY2014 earnings.

At 11:30 a.m., shares in Godrej Consumer were up 0.86 per cent at Rs 839.80.
 

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